Azernews.Az

By Aynur Karimova

Kyrgyzstan has invited the entrepreneurs, operating in Azerbaijan, to attend a second auction to license subsoil use on Block No 17 of the South area of the Terek antimony deposit.

The auction, announced by the State Agency for Geology and Mineral Resources, will be held on September 17, Azerbaijan Export and Investments Promotion Foundation reported on September 8.

Bidding starts at $100,000.

The Terek antimony deposit was discovered in 1941. A large-scale geological survey was conducted at the deposit in 1946-1947. From 1957 to 1962, a preliminary exploration of the site was carried out at the Terek deposit, while a detailed exploration of the deposit was conducted from 1960 to 1978. The depth of the drilling was 255 meters. The reserves of antimony, gold and silver were approved by the State Reserves Committee of the USSR in 1978.

Diplomatic relations between Azerbaijan and Kyrgyzstan was established on January 19, 1993. The trade turnover between the two countries amounted to $27.502 million in 2014.

Azerbaijan and Kyrgyzstan are working together to strengthen their partnership in industry, trade, communications, and transportation fields. The two countries also intend to develop cooperation between their justice authorities. It is also proposed that the countries increase cooperation the agricultural sector.

The development of direct ties between the business communities of the two countries, as well as the establishment of joint ventures, is an important direction in strengthening economic and trade relations.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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